Written by leading lawyers in the field, this new publication is a guide to the tax efficient drafting of wills, administration and estate planning.
Written by leading lawyers in the field, this popular guide to the tax-efficient drafting of wills, estate planning and administration provides practitioners with help and guidance on everyday estate planning and will drafting and discusses the typical problems and pitfalls that may be encountered in practice. The precedents have been carefully selected to deal in a straightforward fashion with common needs of clients.
The book begins by looking at the essential legal framework of wills, trusts and taxation through a combination of detailed and authoritative commentary, worked examples and expertly drafted precedents. It then examines specific topics including: transferable nil rate band, using IPDIs, provision for children, pilot trusts, gifts, APR and BPR, obtaining the grant, instruments of variation and disclaimer, constituting and administering the will, and tax efficient administration.
This edition has been extensively revised and includes four new chapters:
The authors’ narrative commentary is supplemented by 40 precedents which are included on an accompanying CD-ROM, allowing users to download and adapt each document as necessary.
"an extremely helpful reference book on estate tax planning ... likely to be of great assistance to many private client practitioners who come across the odd tax problem ... the busy practitioner will therefore find helpful precedents ranging from an appropriately brief memorandum of appropriation to a full, 11-page, 15-clause will, accompanied by helpful 'Drafting hints'. Electronic copies of all the precedents are supplied on the accompanying CD-ROM, which is easy and quick to install ... precedents are intuitively arranged by chapter"
"the precedents offer time-saving practical advice and guidance to the busy practitioner and professional adviser ... an essential work of reference ... Each precedent can be downloaded and adapted as appropriate to specific cases"
Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
The original idea for this book was to deal with common will drafting and estate administration problems primarily through a consideration of relevant precedents. In the event it has developed into a bigger book than the envisaged (it grew like Topsy) with commentary taking over from precedents. On reflection this process was probably inevitable since it is difficult to launch into a discussion of (say) flexible IPDIs without at least some background information to set it all in context. The precedents can then be tailored to the matters discussed. All of which explains the order of the book with the first section (Chapters 1–3) providing an overview on wills; trusts and the relevant tax provisions. The remaining chapters then explore areas of difficulty (and of opportunity) in the will drafting and administration process.
After years of seemingly incessant change in the UK tax regime, we have reached a point of comparative calm. It appears that under the Coalition Government IHT rates will be frozen until the end of the current Parliament (2014–15); the CGT system has been ‘amended’ (reformed is far too strong a word to use for the slightly grubby compromise cobbled together) and future changes are not envisaged whilst it seems that the 50% additional income tax rate is to remain for the time being.
For the professional adviser, the position entering the second decade of the 21st century is clouded with uncertainty. Will drafting in all but the simplest cases is a technically challenging area yet competition on price makes it difficult to charge a fair rate for the risks involved. Perhaps the recent gush of legislation will prompt a reconsideration. Certainly if prospective clients appreciated the level of cost involved in fighting a case through the courts, they might be rather more willing to pay a realistic amount. It is, however, difficult to see that the opening up of the legal market will do anything to raise standards (indeed that is scarcely a consideration for the ‘policy makers’). Quite the reverse, with the arrival of ‘Tesco law’ likely to herald a drive for ‘rock-bottom’ price with (one suspects) services to match!
And yet, as Jane Austen might, or should, have said ‘a will is a very serious business’ whilst an earlier writer on the human condition surely got it right when he commented:
‘Of what does the happy life consist
My dear friend Julius? Here’s a list:
Inherited wealth, no need to earn
Fires that continually burn
And fields that give a fair return.’
Christopher Whitehouse and Professor Lesley King
A Modern Approach to Wills, Administration and Estate Planning (with Precedents) is now available to purchase as an eBook in ePDF and ePUB format.
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